Part of a package of seven bills to implement changes to the financial sector levy setting framework, the bill amends the

General Insurance Supervisory Levy Imposition Act 1998

to: separate the authorised general insurance supervisory levy into a restricted and an unrestricted component; increase the statutory upper limit for the restricted levy component set for the 2005-06 financial year; and alter the calculation of the indexation factor used to establish the statutory upper limits applying in later financial years. Also contains an application provision.

to: require regulations to be made to determine that food processing activities, to the extent they are trade exposed, be given a 90 per cent partial exemption from the additional renewable source electricity acquisition obligation for 2010 and later years; and provide that certain emerging renewable energy sources gain a share of the guaranteed renewable energy market.

Part of a package of three bills to establish governance arrangements for Commonwealth superannuation schemes, the bill: merges the Australian Reward Investment Alliance, the Military Superannuation and Benefits Board and the Defence Force Retirement and Death Benefits Authority into a single trustee body - the Commonwealth Superannuation Corporation (CSC), and sets out its functions and powers; establishes a governing board of CSC; allows CSC to employ staff and engage consultants; and provides for finance and reporting requirements.